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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Banking Terms

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chequing accountDefinition (Investments, Financial-banking)
A bank account that allows quick access to the money in the account.
Chinook Credit UnionBank, Alberta, Canada
  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
Churchbridge Savings & Credit UnionBank, Saskatchewan, Canada
CIBC [Canadian Imperial Bank of Commerce] Global Asset Management, Inc. (CGAM)Company, Toronto, Ontario, Canada
Citibank Credit Card Issuance Trust (CCCIT)Acronym
City Plus Credit Union (CPCU)Bank Est.2005, Calgary, Alberta, Canada
City Savings & Credit UnionBank, Ontario, Canada
claimDefinition (Insurance, Financial-banking, Legal-contracts)
A creditor's assertion of a right to payment from a debtor or the debtor's property.
classic cardDefinition (Financial-banking)
Brand name for the standard card issued by VISA.
classified property taxDefinition (Real-estate, Taxation, Financial-banking)
A local government's levy on real estate that varies depending on the use of the property. Usually, commercial property is taxed more heavily than residential property where a classified property tax exists.
clearing & settlement mechanism (CSM)Acronym
clearing and settlement (C&S)Definition (Financial-banking)
The process whereby banks collect or pay out for items drawn on or paid into accounts in their institution. This process enables banks to accept each other's cheques and bank drafts for deposit. The Canadian Payments Association operates Canada's clearing system.
client account agreement (CAA)Acronym
  ➥  Terms set out by banks when opening a savings or securities / investment account.
client-based banking softwareDefinition (Financial-banking)
Customers use money management software and their own computers to access the bank using a modem and a phone line.
close international private banking (CIPB)Acronym
closed-account feeDefinition (Financial-banking)
A fee charged for shutting down an account. Sometimes charged if the account is closed before a certain time period has passed.
closed-end leaseDefinition (Automotive, Financial-banking)
The most common type of car lease. The lessee may return the car at the end of the lease term, pay any end-of-lease costs, such as the disposition fee, and the lease agreement is over. In a closed-end lease, the lender assumes the risk of predicting the value of the vehicle (its residual value) at the end of the lease's term. Closed-end lease payments are somewhat higher than open-end lease payments.
closely heldDefinition (Financial-banking)
Schedule II banks may be closely held, i.e., one party (owner) may hold more than 10% of the outstanding shares. Schedule I banks are prohibited from this type of ownership.
closing costsDefinition (Mortgages, Real-estate, Insurance, Financial-banking, Legal-contracts)
The miscellaneous expenses involved in closing a real estate transaction that are over and above the purchase price. Some of the closing costs include title insurance, appraisal fee.
cloud on titleDefinition (Real-estate, Financial-banking)
A claim on title to property that could impair the ability to transfer ownership.
co-branded cardDefinition (Financial-banking)
A type of affinity card issued through a partnership or alliance between a bank and another retail company. For instance, a large department store may co-brand a card with a bank. The card would have two brand names on it -- the bank's name and the store's name. Usually, the attraction of the card is special deals with the retail partner. Many -- particularly the ones affiliated with airlines that offer air miles -- are popular enough to command a hefty annual fee.
co-makerDefinition (Mortgages, Financial-banking)
Any party that co-signs a promissory note. All co-makers assume responsibility for the loan if any of the other co-signers renege.
co-signerDefinition (Mortgages, Financial-banking, Legal-contracts)
A person who signs a promissory note that is also signed by one or more other parties. All parties take responsibility for the debt if any of the others renege.
Coast Capital Savings Credit Union (CCS)Bank Est.1940, British Columbia, Canada
  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages, and reverse mortgages.
Coastal Community Credit Union (CCCU)Bank, British Columbia, Canada
  ➥  A Canadian NHA approved mortgage lender. Offers reverse mortgages.
Coastal Financial Credit UnionBank, Nova Scotia, Canada
collateralDefinition (Mortgages, Real-estate, Financial-banking, Legal-contracts)
Any property pledged as security for repayment of a debt.
collectionDefinition (Mortgages, Financial-banking)
The efforts used to bring an overdue mortgage, or other debt current, and the filing of necessary notices to proceed with foreclosure when necessary.
collusionDefinition (Mortgages, Real-estate, Financial-banking, Legal-contracts)
A secret, deceitful agreement by two or more parties to defraud others.
Colonsay Credit UnionBank, Saskatchewan, Canada
Columbia Valley Credit Union (CVCU)Bank Est.1955, Golden, British Columbia, Canada
combination accountDefinition (Investments, Financial-banking)
An account that is part savings and part chequing. You may write cheques and you will be paid interest if you have enough money in the account.
combined loan-to-value (CLTV)Definition (Mortgages)
The connection between the unpaid principal balances of all the mortgages on a property (first and second usually) and the property's appraised value (or sales price, if it is lower).
  ➥  A term used by mortgage lenders and mortgage underwriters.
commerceDefinition (Financial-banking)
The systems and activities that impact business and trade within a nation and abroad.
commercial bank (CB)Definition (Financial-banking)
A financial institution that provides a broad range of services, from chequing and savings accounts to business loans and credit cards.
commercial bank floating rate (CBFR)Acronym
commercial bankingDefinition (Financial-banking)
Commercial banking centres serve small to medium-sized businesses such as franchising, leasing and cash management services.
Commercial Banking Centre (CBC)Acronym
Commercial Banking Group (CBG)Acronym
commercial blanket bondDefinition (Insurance, Financial-banking)
Insurance that covers losses to businesses due to different forms employee fraud, such as embezzlement and forgery.
commercial forgery policyDefinition (Insurance, Financial-banking)
Insurance that protects businesses from losses due to them unknowingly accepting forged or counterfeit checks as payment.
commercial line of business (CLOB)Acronym
commercial line of credit (CLOC)Acronym
commercial loanDefinition (Mortgages, Financial-banking)
A loan taken out by a business.
commercial mortgageDefinition (Mortgages, Financial-banking)
A mortgage for commercial property.
commercial online banking (COB)Acronym
commercial paper (CP)Definition (Financial-banking)
Unsecured notes issued by companies that mature within nine months. Generally, commercial paper is issued only by the larger and more credit worthy companies.
commercial propertyDefinition (Real-estate, Financial-banking)
A parcel in a district zoned for business.
commercial real estate banking (CREB)Acronym
commercial real estate banking analyst (CREBA)Acronym
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Search the Glossary

Index of Banking Terms

Page 1: 1st Choice Savings and...
Amortized Loan
Page 2: Amount Financed
Automatic Transfer of Loan...
Page 3: Automatic Transfer Service
Before-tax Income
Page 4: Belgian-Alliance Credit...
Caisse d'économie Desjardins...
Page 5: Caisse d'économie Desjardins...
Caisse Desjardins de Hull
Page 6: Caisse Desjardins de...
Caisse Desjardins de Saint...
Page 7: Caisse Desjardins de Saint...
Caisse Desjardins du Haut...
Page 8: Caisse Desjardins du Lac des...
Caisse populaire de Field
Page 9: Caisse populaire de...
Caisse populaire Desjardins...
Page 10: Caisse populaire Desjardins...
Caisse populaire Desjardins...
Page 11: Caisse populaire Desjardins...
Caisse populaire Desjardins...
Page 12: Caisse populaire Desjardins...
Caisse populaire Madawaska
Page 13: Caisse populaire Mer et...
Canadian Payments...
Page 14: Canadian Western Bank
Cheques Returned with...
Page 15: Chequing Account
Commercial Real Estate...
Page 16: Commingling
Credit
Page 17: Credit Card
Debtor
Page 18: Declining Life Insurance
E-cheque
Page 19: Earl Grey Credit Union
Etobicoke Aluminum Employees...
Page 20: Etobicoke Teachers Credit...
Float
Page 21: Foam Lake Savings & Credit...
Gross International Reserves
Page 22: Gross Overtime
Instalment
Page 23: Instant Teller
International Investment...
Page 24: International Journal of...
Ladysmith & District Credit...
Page 25: Lafleche Credit Union
Local Taxes
Page 26: Lock-in
Monetary Policy Committee
Page 27: Monetary Policy Report...
Non-owner Occupant
Page 28: Non-Performing Loan
Ordinary Dividends
Page 29: Ordinary Income
Personal Property Taxes
Page 30: Personal Savings
Private Lender
Page 31: Privately Held Company
Remaining Balance
Page 32: Remaining Term
Same Day Funds Settlement
Page 33: Sandhills Credit Union
Split-Funded Annuity
Page 34: Spread
Tax Liability
Page 35: Tax Lien
Underwriting Expenses
Page 36: Underwriting Guide
Weyburn Credit Union
Page 37: Williams Lake and District...
Zero Balance

Notable Terms

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